The ferry shipping company DFDS achieved higher turnover than expected in the third quarter and earned as much as in the previous year. At the same time, the fleet is becoming “greener”.
On the basis of a solid third quarter and recent very good results in passenger traffic, the company is even raising its forecasts for the financial year. However, the freight markets remain difficult, admitted CEO Torben Carlsen. There will therefore be adjustments to ferry and road capacities in order to optimize capacity utilization.
In the past third quarter, revenue fell by 1.8% to DKK 7.2 billion, but increased by 6.7% after adjustment for bunker surcharges for the ferries used. At DKK 1.6 million, EBITDA was on a par with the same quarter of the previous year.
DFDS: Passenger ferries top, freight traffic weakens
While the freight division suffered losses (-26% to DKK 535 million), the passenger ferries recorded a significant increase in EBITDA of 29% to DKK 758 million despite lower passenger numbers. Overall, emissions on the ferries were reduced by a further 4%, the company announced.
The Logistics division’s profit rose by 8% to DKK 319 million due to acquisitions, while the adjusted result was down on the previous year due to lower activities and one-off costs.
Revenue for the current year (Q1-3) is slightly up 1% year-on-year at DKK 20.5 billion. Group profit increased by 3% to DKK 4 billion. By comparison, this compares with around DKK 5 billion in the last twelve months.
The EBITDA outlook has been raised to DKK 4.9-5.2 billion, as the financial performance in the third quarter exceeded expectations. The investment budget, however, has been reduced to DKK 0.1 billion (previously DKK 1.6 billion), following the recent announcement of the sale and leaseback of three ferries.
